Economy

US Oil Firms Earn $130bn From Iran War as Consumer Bills Soar

AI SUMMARY

Major US oil companies have reaped over $130bn in profits during the war on Iran while American households face soaring energy and living costs.

Fifty-one large US oil and gas companies earned more than $130bn in profits during the six months from April through September.
The same group of companies collectively earned less than $47bn during the same period in 2025 before the US-Israel war on Iran began.
Americans have spent an extra $150bn on petrol and diesel since the war began on February 28, averaging more than $1,150 per household.
Crude producers gained from higher oil prices while refiners captured exceptional margins as fuel supplies tightened.
Damage to Middle Eastern and Russian refineries, disrupted Strait of Hormuz shipments, and sanctions trade frictions intensified shortages.
ExxonMobil and Chevron reported profits between $10bn and $15bn.
Valero Energy's third-quarter profit increased more than sixfold to $6.83bn, and Phillips 66 recorded a net income jump to $5.62bn.
Iran and Iran-backed groups carried out at least 172 attacks on nonmilitary infrastructure across the six GCC member states.
Iran effectively blocked passage through the Strait of Hormuz, prompting the US to impose a naval blockade on Iranian oil and gas.
World Bank projections indicate global commodity prices are set to rise 23 percent this year due to disrupted shipments and weather phenomena.